- Centerra Gold (TSX:CG) stock is back on the rise, up 4.4 per cent following a report on its Q2 2023 net loss
- The gold-mining company logged a net loss of US$39.7 million for this year’s second quarter (-$0.20 per share), a 1,400% decline from US$2.6 million in Q2 2022
- However, its revenue was up 10 per cent in Q2 to US$184.5 million from US$167.7 million last year
- Centerra Gold Inc. opened trading at C$8.46 per share
Centerra Gold (TSX:CG) stock is back on the rise, as shares are up 4.4 per cent after a report on its Q2 2023 net loss.
The gold-mining company logged a net loss of US$39.7 million for this year’s second quarter (-$0.20 per share), a 1,400% decline from US$2.6 million in Q2 2022.
However, its revenue was up 10 per cent in Q2 to US$184.5 million from US$167.7 million last year.
Centerra’s president and chief executive officer, Paul Tomory, said in a news release the team is evaluating all the company’s assets to develop a comprehensive value-maximizing strategic plan.
“Key aspects of this plan will include a view on the molybdenum business unit, with an assessment of the potential for a restart of operations at the Thompson Creek molybdenum mine in Idaho, continuing to drive operational and technical improvements at Mount Milligan, repositioning our approach at the Goldfield project to target higher returns, and assessing opportunities for growth in gold production. This new strategy will focus on safe and sustainable operations while maximizing value for our shareholders and our local stakeholders,” Tomory said in a statement.
He pointed to milestones the company achieved in the quarter, most notably approval from the Turkish environment ministry for its Öksüt Mine site to restart full operations.
“Having received these regulatory approvals, we restarted full operations at the mine in early June and produced 20,503 ounces of gold within the month. Looking ahead, Öksüt’s gold production guidance is between 180,000 and 190,000 ounces of gold in 2023. At Mount Milligan, we sequenced out of the ore-waste transition zone of the mine and are on track to access higher grade copper and gold ore in the second half of the year, which should help to bolster the production profile going forward,” Tomory said.
Centerra Gold Inc. is focused on acquiring and developing gold and copper properties in North America, Türkiye and other markets worldwide. Centerra operates two mines: the Mount Milligan Mine in British Columbia and the Öksüt Mine in Türkiye. Centerra also owns the Goldfield District Project in Nevada and the Kemess Underground Project in British Columbia.
Centerra Gold Inc. opened trading at C$8.46 per share and has risen 6.5 per cent since July. Year to date, CG stock is up 20.6 per cent.
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